Dow hits new record high

By CNNMoney Staff @CNNMoneyInvest March 5, 2013: 9:52 AM ET

NEW YORK (CNNMoney)

The Dow hit a new record high within the first few minutes of trading Tuesday.

The Dow Jones industrial average gained nearly 100 points, rising as high as 14,226.20. That topped both the Dow's intraday and closing records that were set in October 2007.

The S&P 500 added 10 points, and is within 2% of its record closing high of 1,565.15, also reached in October 2007. The Nasdaq rose 27 points, or 0.9%.

Stocks have had a strong start to 2013. Even with a largely uneventful, February, all three indexes are still up between 6% and 9% so far this year.

Investors will also be looking for any signs of progress in talks to end the budget impasse in Washington, known as sequester. The Obama administration has started making $85 billion of cuts and some federal workers have started getting furlough notices.

U.S. stocks shrugged off the budget fight to end higher Monday.

Dow hits new record high - Mar. 5, 2013